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Technical analysis: key levels for gold and crude

Thinner volumes have resulted in a weak session so far for major commodities.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Gold bars
Source: Bloomberg

Gold dropping lower
A drift lower here has seen the price return to the key $1067 support area, with a drop through here heading towards $1064, the support area from 17/18 November. A move higher would target the $1070 pivot level, and then challenge resistance around $1074 and then $1080.

Source: Bloomberg

Brent on a knife-edge
For now the $45 level remains the key area to watch on the downside. It has acted as support over the past three days, with a bounce back towards $46.50, the highs of the week, still possible. Further support is likely around $43.60. 

US light looks set to break lower
So far for US light crude the $43.50 area remains problematic for any rallies this week, with possible support around $42.15 and then $41.70. A break lower targets $41 and then $40.50. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.